TheRealReal Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), TheRealReal Inc. reported revenue of $692.8M (+15.4% year on year) and net income of ($41.8M) (+68.9% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Total revenue | $692.8M | $600.5M | $549.3M | $603.5M |
| Total cost of revenue | $176.0M | $153.0M | $173.0M | $254.8M |
| Gross profit | $516.8M | $447.5M | $376.3M | $348.7M |
| Marketing | $63.3M | $55.3M | $58.3M | $63.1M |
| Operations and technology | $275.9M | $260.8M | $257.0M | $279.1M |
| Selling, general and administrative | $201.6M | $187.7M | $182.5M | $195.2M |
| Restructuring charges | $0 | $196.0K | $43.5M | — |
| Total operating expenses | $540.8M | $504.0M | $542.6M | $537.9M |
| Loss from operations | ($23.9M) | ($56.5M) | ($166.3M) | ($189.2M) |
| Change in fair value of warrant liability | ($35.8M) | ($68.2M) | — | — |
| Gain on extinguishment of debt | $40.8M | $4.2M | — | — |
| Interest income | $4.3M | $7.9M | $8.8M | $3.2M |
| Interest expense | ($27.7M) | ($21.4M) | ($10.7M) | ($10.5M) |
| Other income, net | $926.0K | $0 | $0 | $171.0K |
| Loss before provision for income taxes | ($41.4M) | ($133.9M) | ($168.2M) | ($196.3M) |
| Provision for income taxes | $363.0K | $276.0K | $283.0K | $172.0K |
| Net loss attributable to common stockholders | ($41.8M) | ($134.2M) | ($168.5M) | ($196.4M) |
| Net loss per share attributable to common stockholders, basic (in dollars per share) | -$0.36 | -$1.24 | -$1.65 | -$2.05 |
| Net loss per share attributable to common stockholders, diluted (in dollars per share) | -$0.70 | -$1.24 | -$1.65 | -$2.05 |
| Weighted average shares used to compute net loss per share attributable to common stockholders, basic (in shares) | $114871414.00 | $107878366.00 | $101806000.00 | $95921246.00 |
| Weighted average shares used to compute net loss per share attributable to common stockholders, diluted (in shares) | $116512265.00 | $107878366.00 | $101806000.00 | $95921246.00 |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Total revenue | $192.6M | $189.7M | $173.6M | $165.2M |
| Total cost of revenue | $49.4M | $48.4M | $44.7M | $42.5M |
| Gross profit | $143.2M | $141.3M | $128.9M | $122.7M |
| Marketing | $18.4M | $18.6M | $14.1M | $15.5M |
| Operations and technology | $74.7M | $72.7M | $70.7M | $69.0M |
| Selling, general and administrative | $52.4M | $52.3M | $51.6M | $48.0M |
| Total operating expenses | $145.5M | $143.6M | $136.5M | $132.6M |
| Loss from operations | ($2.3M) | ($2.3M) | ($7.5M) | ($9.9M) |
| Change in fair value of warrant liability | ($18.6M) | $47.3M | ($43.9M) | $4.5M |
| Gain on extinguishment of debt | $0 | $0 | $3.7M | $0 |
| Interest income | $902.0K | $1.0M | $818.0K | $1.1M |
| Interest expense | ($7.3M) | ($7.2M) | ($7.1M) | ($7.0M) |
| Other income, net | $154.0K | $203.0K | $34.0K | $0 |
| Income (loss) before provision for income taxes | ($27.1M) | $39.0M | ($54.0M) | ($11.3M) |
| Provision for income taxes | $101.0K | $108.0K | $24.0K | $89.0K |
| Net income (loss) attributable to common stockholders | ($27.2M) | $38.9M | ($54.1M) | ($11.4M) |
| Net income (loss) per share attributable to common stockholders, basic (in dollars per share) | -$0.23 | $0.33 | -$0.47 | -$0.10 |
| Net income (loss) per share attributable to common stockholders, diluted (in dollars per share) | -$0.23 | -$0.07 | -$0.49 | -$0.13 |
| Weighted-average shares used to compute net income (loss) per share attributable to common stockholders, basic (in share) | $121023931.00 | $119523593.00 | $115893232.00 | $114044057.00 |
| Weighted-average shares used to compute net income (loss) per share attributable to common stockholders, diluted (in share) | $121023931.00 | $125720093.00 | $116772661.00 | $119484716.00 |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $151.2M | $172.2M | $175.7M | $293.8M |
| Accounts receivable | $23.8M | $14.0M | $17.2M | $12.2M |
| Inventory, net | $30.8M | $23.6M | $22.2M | $43.0M |
| Prepaid expenses and other current assets | $21.6M | $22.9M | $20.8M | $23.3M |
| Total current assets | $227.5M | $232.7M | $235.9M | $372.3M |
| Property and equipment, net | $96.1M | $94.4M | $104.1M | $112.7M |
| Operating lease right-of-use assets | $64.6M | $75.7M | $86.3M | $128.0M |
| Restricted cash | $14.8M | $14.9M | $14.9M | — |
| Other assets | $5.9M | $5.4M | $5.6M | $2.7M |
| Total assets | $409.0M | $423.1M | $446.9M | $615.6M |
| Accounts payable | $14.6M | $11.0M | $9.0M | $11.9M |
| Accrued consignor payable | $111.5M | $89.7M | $77.1M | $81.5M |
| Operating lease liabilities, current portion | $24.6M | $22.8M | $20.1M | $20.8M |
| Convertible Senior Notes, net, current portion | $0 | $26.7M | — | — |
| Other accrued and current liabilities | $113.5M | $98.5M | $82.7M | $93.3M |
| Total current liabilities | $264.2M | $248.7M | $188.9M | $207.5M |
| Operating lease liabilities, net of current portion | $66.8M | $85.8M | $104.9M | $125.1M |
| Convertible Senior Notes, net | $230.8M | $276.8M | $452.4M | $449.8M |
| Non-convertible notes, net | $141.0M | $134.5M | — | — |
| Warrant liability | $114.4M | $78.6M | — | — |
| Other noncurrent liabilities | $7.4M | $6.1M | $4.1M | $3.3M |
| Total liabilities | $824.6M | $830.5M | $750.2M | $785.7M |
| Common stock, $0.00001 par value; 500,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 118,318,917 and 111,242,479 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | 1.0K | 1.0K | 1.0K | 1.0K |
| Additional paid-in capital | $880.1M | $846.5M | $816.3M | $781.1M |
| Accumulated deficit | ($1.3B) | ($1.3B) | ($1.1B) | ($951.2M) |
| Total stockholders’ deficit | ($415.5M) | ($407.4M) | ($303.3M) | ($170.1M) |
| Total liabilities and stockholders’ deficit | $409.0M | $423.1M | $446.9M | $615.6M |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | $119.1M | $124.0M | $108.4M | $94.3M |
| Accounts receivable, net | $20.1M | $24.9M | $24.3M | $22.8M |
| Inventory, net | $35.4M | $33.9M | $29.7M | $28.8M |
| Prepaid expenses and other current assets | $18.7M | $20.2M | $20.0M | $14.4M |
| Total current assets | $193.3M | $203.0M | $182.4M | $160.3M |
| Property and equipment, net | $100.6M | $97.9M | $94.7M | $98.0M |
| Operating lease right-of-use assets | $63.2M | $64.2M | $68.5M | $70.4M |
| Restricted cash | $14.8M | $14.8M | $14.9M | $14.9M |
| Other assets | $6.4M | $6.1M | $5.8M | $5.8M |
| Total assets | $378.3M | $385.9M | $366.2M | $349.4M |
| Accounts payable | $15.0M | $14.9M | $11.1M | $13.6M |
| Accrued consignor payable | $95.1M | $102.3M | $86.8M | $76.0M |
| Operating lease liabilities, current portion | $23.1M | $22.4M | $24.1M | $23.5M |
| Other accrued and current liabilities | $100.3M | $101.4M | $104.1M | $86.4M |
| Total current liabilities | $233.5M | $241.1M | $226.1M | $199.5M |
| Operating lease liabilities, net of current portion | $64.4M | $66.8M | $72.9M | $76.9M |
| Convertible Senior Notes, net | $231.5M | $231.2M | $230.5M | $235.1M |
| Non-convertible notes, net | $144.3M | $144.2M | $140.8M | $137.6M |
| Warrant liability | $74.7M | $56.1M | $75.5M | $31.5M |
| Other noncurrent liabilities | $7.6M | $6.0M | $5.5M | $7.0M |
| Total liabilities | $756.0M | $745.3M | $751.3M | $687.6M |
| Common stock, $0.00001 par value; 500,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 121,666,258 and 118,318,917 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | 1.0K | 1.0K | 1.0K | 1.0K |
| Additional paid-in capital | $906.2M | $897.3M | $871.8M | $864.5M |
| Accumulated deficit | ($1.3B) | ($1.3B) | ($1.3B) | ($1.2B) |
| Total stockholders’ deficit | ($377.7M) | ($359.4M) | ($385.1M) | ($338.2M) |
| Total liabilities and stockholders’ deficit | $378.3M | $385.9M | $366.2M | $349.4M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net loss | ($41.8M) | ($134.2M) | ($168.5M) | ($196.4M) |
| Depreciation and amortization | $33.0M | $33.1M | $31.7M | $27.7M |
| Stock-based compensation expense | $28.9M | $29.1M | $34.3M | $46.1M |
| Reduction of operating lease right-of-use assets | $16.1M | $15.2M | $16.7M | $19.6M |
| Bad debt expense | $2.6M | $2.5M | $2.0M | $1.7M |
| Non-cash interest expense | $8.2M | $8.7M | — | — |
| Issuance costs allocated to liability classified warrants | $0 | $374.0K | — | — |
| Accretion of debt discounts and issuance costs | $2.2M | $2.1M | $2.6M | $2.4M |
| Property, plant, equipment, and right-of-use asset impairments | $0 | $0 | $39.7M | — |
| Provision for inventory write-downs and shrinkage | $2.2M | $2.6M | $9.8M | — |
| Gain on debt extinguishment | ($40.8M) | ($4.2M) | — | — |
| Change in fair value of warrant liability | $35.8M | $68.2M | — | — |
| Loss (gain) related to warehouse fire, net | ($95.0K) | — | — | — |
| Other adjustments | ($39.0K) | ($165.0K) | $0 | $0 |
| Accounts receivable | ($12.5M) | $767.0K | ($7.0M) | ($6.1M) |
| Inventory, net | ($9.5M) | ($3.7M) | $10.9M | $28.0M |
| Prepaid expenses and other current assets | ($796.0K) | $701.0K | $2.0M | ($3.0M) |
| Other assets | ($701.0K) | $76.0K | ($3.0M) | ($409.0K) |
| Operating lease liability | ($22.2M) | ($20.9M) | ($26.5M) | ($17.8M) |
| Accounts payable | $1.6M | $910.0K | ($425.0K) | $4.9M |
| Accrued consignor payable | $21.8M | $11.5M | ($4.4M) | $10.5M |
| Other accrued and current liabilities | $12.7M | $13.1M | ($464.0K) | ($9.8M) |
| Other noncurrent liabilities | $304.0K | $382.0K | ($172.0K) | $301.0K |
| Net cash provided by (used in) operating activities | $37.0M | $26.8M | ($61.3M) | ($91.6M) |
| Insurance proceeds related to warehouse fire | $2.3M | $461.0K | — | — |
| Capitalized proprietary software development costs | ($12.9M) | ($11.8M) | ($13.0M) | ($14.1M) |
| Purchases of property and equipment | ($18.6M) | ($14.2M) | ($29.2M) | ($22.9M) |
| Net cash used in investing activities | ($29.2M) | ($25.6M) | ($42.1M) | ($36.9M) |
| Proceeds from exercise of stock options | $1.0M | $376.0K | $19.0K | — |
| Proceeds from issuance of stock in connection with the Employee Stock Purchase Program | $1.7M | $1.4M | $886.0K | $1.4M |
| Repayment of 2025 Notes | ($26.7M) | — | — | — |
| Taxes paid related to restricted stock vesting | ($160.0K) | ($1.6M) | ($679.0K) | ($205.0K) |
| Cash received from settlement of Capped Calls in conjunction with the Note Exchanges | $1.9M | $396.0K | — | — |
| Issuance costs paid related to the Note Exchanges | ($6.5M) | ($5.3M) | — | — |
| Net cash (used in) provided by financing activities | ($28.9M) | ($4.8M) | $226.0K | $4.1M |
| Net decrease in cash, cash equivalents, and restricted cash | ($21.1M) | ($3.5M) | ($103.2M) | ($124.4M) |
| Beginning of period | $187.1M | $190.6M | $293.8M | $418.2M |
| End of period | $166.0M | $187.1M | $190.6M | $293.8M |
| Cash paid for interest | $17.5M | $10.7M | $8.1M | $8.1M |
| Cash paid for income taxes | $331.0K | $200.0K | $227.0K | $256.0K |
| Property and equipment additions not yet paid in cash | $3.5M | $1.8M | $1.8M | — |
| Capitalized proprietary software development costs not yet paid in cash | $978.0K | $654.0K | — | — |
| Stock-based compensation capitalized to proprietary software development costs | $318.0K | $504.0K | $777.0K | $1.6M |
| Liability classified warrants issued in connection with the 2024 Note Exchange | $0 | $10.4M | — | — |
| Net decrease in principal amount of debt due to the 2024 Note Exchange and 2025 Note Exchange | ($42.7M) | ($17.2M) | — | — |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income | $11.7M | $38.9M | ($3.0M) | $51.0M |
| Depreciation and amortization | $15.9M | $8.1M | $24.8M | $16.6M |
| Stock-based compensation expense | $13.8M | $6.3M | $22.2M | $15.6M |
| Reduction of operating lease right-of-use assets | $8.6M | $4.2M | $12.0M | $7.9M |
| Bad debt expense | $1.3M | $733.0K | $2.0M | $1.2M |
| Non-cash interest expense | $3.2M | ($3.6M) | $1.5M | $5.5M |
| Accretion of debt discounts and issuance costs | $940.0K | $453.0K | $1.7M | $1.1M |
| Provision for inventory write-downs and shrinkage | $1.8M | $936.0K | $2.2M | $1.5M |
| Gain on debt extinguishment | $0 | $0 | ($40.8M) | ($37.1M) |
| Change in fair value of warrant liability | ($28.8M) | ($47.3M) | ($3.1M) | ($47.0M) |
| Gain related to warehouse fire, net | $0 | $0 | ($362.0K) | ($353.0K) |
| Other adjustments | $78.0K | $49.0K | ($29.0K) | ($36.0K) |
| Accounts receivable, net | $2.4M | ($1.8M) | ($12.4M) | ($10.0M) |
| Inventory, net | ($6.4M) | ($4.0M) | ($8.3M) | ($6.7M) |
| Prepaid expenses and other current assets | $2.9M | $1.4M | $1.1M | $6.6M |
| Other assets | ($479.0K) | ($167.0K) | ($499.0K) | ($501.0K) |
| Operating lease liability | ($11.1M) | ($6.0M) | ($16.4M) | ($10.9M) |
| Accounts payable | ($266.0K) | $1.1M | $663.0K | $2.4M |
| Accrued consignor payable | ($16.4M) | ($9.2M) | ($2.9M) | ($13.7M) |
| Other accrued and current liabilities | ($14.5M) | ($6.9M) | $7.2M | ($14.7M) |
| Other noncurrent liabilities | $213.0K | $127.0K | $16.0K | ($152.0K) |
| Net cash used in operating activities | ($15.0M) | ($16.6M) | ($12.5M) | ($31.8M) |
| Insurance proceeds related to warehouse fire | $0 | $0 | $2.3M | $2.3M |
| Capitalized proprietary software development costs | ($6.8M) | ($3.2M) | ($9.7M) | ($6.5M) |
| Purchases of property and equipment | ($11.5M) | ($7.5M) | ($15.0M) | ($12.5M) |
| Net cash used in investing activities | ($18.3M) | ($10.6M) | ($22.3M) | ($16.7M) |
| Proceeds from exercise of stock options | $308.0K | $81.0K | $310.0K | $114.0K |
| Taxes paid related to restricted stock vesting | ($109.0K) | ($97.0K) | ($120.0K) | ($83.0K) |
| Proceeds from issuance of stock in connection with the Employee Stock Purchase Program | $1.0M | — | $838.0K | $838.0K |
| Repayment of 2025 Notes | $0 | — | ($26.7M) | ($26.7M) |
| Cash received from settlement of Capped Calls in conjunction with the February 2025 Note Exchange | $0 | $0 | — | $1.5M |
| Issuance costs paid related to the February 2025 Note Exchange | $0 | $0 | ($5.2M) | ($5.0M) |
| Net cash provided by (used in) financing activities | $1.2M | ($16.0K) | ($29.0M) | ($29.4M) |
| Net decrease in cash, cash equivalents and restricted cash | ($32.1M) | ($27.3M) | ($63.8M) | ($77.9M) |
| Beginning of period | $166.0M | $166.0M | $187.1M | $187.1M |
| End of period | $133.9M | $138.8M | $123.3M | $109.2M |
| Cash paid for interest | $10.4M | $10.4M | $17.4M | $7.0M |
| Cash paid for income taxes | $397.0K | $9.0K | $331.0K | $335.0K |
| Property and equipment additions not yet paid in cash | $5.2M | $2.6M | $782.0K | $1.7M |
| Capitalized proprietary software development costs additions not yet paid in cash | $1.2M | $1.0M | $1.0M | $840.0K |
| Stock-based compensation capitalized to proprietary software development costs | $107.0K | $40.0K | $267.0K | $196.0K |
| Net settlement of cashless warrants exercised | $10.9M | $10.9M | — | — |
| Net decrease in principal amount of debt due to the February 2025 Note Exchange | $0 | $0 | ($42.7M) | ($36.7M) |
| Issuance costs associated with the February 2025 Note Exchange included in accounts payable and other accrued and current liabilities | $0 | $0 | $1.3M | $200.0K |
TheRealReal Inc. score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.